Global Stock Markets, Cryptocurrencies, and Dollar Plunge Amid Israel-Iran Clash; Gold and Oil Prices Surge

As Israel carried out airstrikes against Iran, global financial markets were immediately hit. Stock markets, cryptocurrencies, and the dollar all plummeted, while gold and oil prices surged.

According to Cryptopolitan on the 13th (local time), Dow Jones futures dropped by 400 points (0.9%), S&P 500 futures fell by 1.1%, and Nasdaq 100 futures tumbled by 1.3% as of now.

The cryptocurrency market also saw a steep decline. Bitcoin fell by 5.29% in the past 24 hours, while Ethereum dropped by 10.73%, Solana by 10.96%, and Ripple by 7.34%. Historically, the cryptocurrency market has tended to see increased short-term volatility whenever geopolitical risks in the Middle East escalate.

In contrast, gold prices rose for a third consecutive day, climbing as high as $3,406.61 per ounce. Other precious metals such as silver, platinum, and palladium also strengthened. Oil prices likewise surged, surpassing $72 per barrel, as concerns over disruptions to crude oil supply from the Middle East were reflected amid the risk of escalation. As investors shifted to safe-haven assets, the Bloomberg Dollar Spot Index fell by 0.1%, and the US Dollar Index (DXY) reached its lowest level since March 2022, highlighting a distinct preference for safe assets.

Asian indices remained steady. Japan's Nikkei 225 index fell by 0.36%, while the TOPIX index declined by 0.43%. In South Korea, the KOSPI rose by 0.38% and KOSDAQ increased slightly by 0.15%. Australia's ASX 200 index held steady. Hong Kong's Hang Seng futures traded at 24,178, slightly higher than Thursday's closing price of 24,035.38.